If you have the money, i would do that plus add a metal z channel going opposite direction of the joists ( screwed on top of the existing plaster ) and then add another layer of drywall. the Z channel leaves a space that helps in sound transmission. the problem is the sound is transmitted through the existing floor joists too, so just the insulation will not do it because the joists are still against the ceiling. this is something similar, but in this picture they used clips in combination to hold off hat channel from the existing ceiling which will lower your ceiling about another inch. 

I really like the attitude that it teaches in Rich Dad Poor Dad start asking how can I do this not if you should or saying that because of X,Y, or Z that you can't and figure out how you can.

"I was thinking X down with Y monthly at Z%interest over C years, payoff in D Years".Then you sound like you know what you are doing.

Jennifer Z. is your concern that now there will be 3 people in your 1 bedroom?

"I agree to sell you X for Y and this agreement in force for Z days."

They brought it up because when working with clients they usually quote the Z-estimate and then want to argue the comps.

@Martin Z., I thought a Phase 1 inspection was environmental?

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If you read that 100 pages of crap, it can be summarized as "I'm going to do x, y, z, a, b, and c, or pay you off in full."

Great markets in south for high rental rates are Dania, Pompano, Coral Springs, FTL, and North Miami.